RHC Finance revises open offer schedule for Religare Enterprises

RHC Finance Pvt Ltd along with RHC Holding Pvt Ltd (person acting in concert), toady announced revised schedule for open offer to shareholders for acquisition of a stake in Religare Enterprises Ltd. The new offer date would be 29 December to 17 January against the earlier schedule of 13 September to 01 November.

Religare Enterprises Ltd had, at a meeting of its board of directors on 30 November 2010, approved the allotment of 56,17,977 fully paid-up equity shares of Rs10 each to RHC Finance at Rs445 per equity share, including a premium of Rs435 per share on conversion of warrants issued on 23 September 2010.

RHC Finance Pvt Ltd is a wholly owned subsidiary of RHC Holding Pvt Ltd, one of the promoter group companies of Religare Enterprises.

Pursuant to the conversion of warrants and allotment of equity shares, the company has received the balance Rs187.50 crore or 75 per cent of the consideration. It had already received 25 per cent of the total consideration, ie, Rs62.50 crore at the time of allotment of warrants.

Upon allotment of shares, the shareholding of promoters and promoter group entities stands increased to 9,20,82,993 equity shares (66.11 per cent) from 8,64,65,016 equity shares (64.69 per cent).

The preferential allotment of equity shares is in accordance with all applicable provisions, including provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 on preferential issue, Religare said in a release.

Shareholders of Religare Enterprises had approved the preferential allotment of equity shares at the extra-ordinary general meeting held on 20 September 2010.